Truist misses profit estimates amid bigger credit-loss provisions
Banks have begun to raise their buffers for credit-loss provisions in the event customers, facing the brunt of high interest rates, are unable to pay back debt on their credit cards or miss loan repayments. "We prudently increased our provision and allowance amid the uncertain economic backdrop," Truist CEO Bill Rogers said in a statement. The bank set aside $538 million in provisions for credit losses in the quarter ended June 30, compared with $171 million a year earlier.
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